Exhibit 12.1
AMBAC FINANCIAL GROUP, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Successor Ambac | Predecessor | ||||||||||||||||||||||||
Period from May 1 | Period from Jan 1 | ||||||||||||||||||||||||
Year Ended December 31, | through | through | Year Ended December 31, | ||||||||||||||||||||||
($ in thousands, except ratios) | 2015 | 2014 | December 31, 2013 | April 30, 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings: | |||||||||||||||||||||||||
Pre-tax income (loss) | $ | 510,058 | $ | 493,253 | $ | 512,316 | $ | 3,348,033 | $ | (256,505 | ) | $ | (1,882,949 | ) | |||||||||||
Fixed Charges | 115,016 | 127,754 | 84,736 | 30,342 | 107,724 | 122,324 | |||||||||||||||||||
Earnings | $ | 625,074 | $ | 621,007 | $ | 597,052 | $ | 3,378,375 | $ | (148,781 | ) | $ | (1,760,625 | ) | |||||||||||
Fixed charges: | |||||||||||||||||||||||||
Interest expense | $ | 113,100 | $ | 125,891 | $ | 83,595 | $ | 29,718 | $ | 105,973 | $ | 119,997 | |||||||||||||
Portion of rental expense deemed to be interest | 1,916 | 1,863 | 1,141 | 624 | 1,751 | 2,327 | |||||||||||||||||||
Fixed charges | $ | 115,016 | $ | 127,754 | $ | 84,736 | $ | 30,342 | $ | 107,724 | $ | 122,324 | |||||||||||||
Ratio of earnings to fixed charges | 5.4 | x | 4.9 | x | 7.0 | x | 111.3 | x | * | * |
* | Earning for the years ended December 31, 2012 and 2011 were inadequate to cover fixed charges by $256,505 and $1,882,949, respectively. |